Independent Legal Advice is a common requirement during the conveyancing process. Independent Legal Advice is legal advice that is independent of any of the other parties involved in an agreement or transaction.

This is normally requested by the lender to protect themselves from potential claims. This evidence can prove, should it be necessary, that the individual has been made fully aware of all associated risks.

The need for Independent Legal Advice can arise in many situations, whether business or personal. Normally you would be informed by a legal representative, a lender, or other parties to gain independent legal advice when it becomes necessary.

Independent Legal Advice is commonly required in the following circumstances:

Directors Guarantee

Directors of a company are required to get legal advice when obtaining a mortgage. The guarantee makes the director personally liable to pay back the mortgage if the company defaults on the mortgage.

Joint Mortgage Sole Proprietor

For parents helping their children buy a home or even unmarried couples where one party already owns another property so as to avoid second home stamp duty. They are on the mortgage but not the legal title, so the lender needs the solicitor to advise of the risk of being liable for the mortgage debt.

Transfer of Equity.

For example, where one person is giving a share of a property to someone else or putting their house into more than one name. We provide the certificate of independent legal advice. The transfer can then take place.

Occupier Waiver Form

For occupiers over 18, the mortgage lender requires them to sign a waiver to waive any rights to the life in the property if the lender needs to repossess. You can read more here – Occupier Consent Form

Second Charge

Where a party is liable for a mortgage/second charge and the money is being used for something they don’t benefit from, the mortgage lender requires them to get legal advice of the risk.

Bridging Loans

There may be a time when a house comes on the market or a business proposition becomes available and short term funding is needed quickly. Bridging loans are available typically for a 6-12 month period at a high rate of interest when high street banks are not able to help within the timescales.

ILA’s are needed as assets such as the property will be used as security against the loan advance. The financial implications and their associated risks need to be fully explained to the borrower by a solicitor.

Deed of Trust

Where joint owners draft a deed and require a legal advice solicitor in London provide to one of the beneficiaries about the terms.

Equity Release

Equity release is a financial product offered to people approaching retirement age that would like to turn the equity in their property into capital. This enables them to be able to stay in their home and not have to downscale.

The borrower receives a lump sum secured by a mortgage over their property. Interest accrues and is added to the loan balance.

Employment settlement agreements (Compromise Agreements)

Where an employee is given an Employment Settlement Agreement to have signed by a solicitor. The employee is told to obtain a Certificate of Independent Legal Advice from a solicitor before the agreement can go ahead. We provide that certificate. We aim to give the information and that certificate of independent legal advice the same day. In these cases, the fee is always paid by the employer. We guarantee that we do not exceed that fee.

By entering any of the above documents, you will usually be agreeing to either take on some form of liability or waive some of your rights but without necessarily enjoying any direct personal benefit for doing so. It is therefore very important that you fully understand the implications and seek appropriate professional guidance.

Our Independent Legal Advice Solicitors In London offer:

• A professional Independent Legal Advice Service
• Offices open till late and on Saturdays (by appointments)
• Quick turnaround time

Role Of Our Independent Legal Advice Solicitors In London

We can schedule a time to suit you, after office hours or weekends, and ensure a fast service that conforms to the lender’s requirements.
As a leading conveyancing solicitor in East London, we understand that obtaining Independent Legal Advice is often time-sensitive and critical to your matter. Considering the current situations, We are able to speed up this process by using electronic means and offer Independent Legal Advice whenever you need it at a fixed price.

We will require proof of identity with a UK passport and proof of address with a recent utility bill.

If you are looking for an Independent Legal Advice, Give the best solicitors in east London a call on 02031301769 or email us on info@legendsolicitors.org